The Newcastle United owner has also snapped up a raft of stakes in struggling high street firms, most recently a 26% holding in struggling Game Digital.

He has also bought stakes in Debenhams, French Connection and Findel.

Sports Direct, which has been without a chief financial officer since last October, also said it had appointed Jon Kempster to the role who will join the company on 11 September.

But shares lifted 7% in early trading, with investors tempted by the prospects of a turnaround.

Hargreaves Lansdown senior analyst Laith Khalaf said: "The force isn't with Sports Direct at the moment. The key culprit for a massive fall in profits is the weaker pound, which has decimated the retailer's margin on sales.

"However, much of this was already baked into expectations, and management's forecast of a rise in earnings next year has piqued the market's interest, with the stock price rising sharply."